Japan
Japan unlikely to bolster yen, analysts say
BoJ governor and finance minister say rapid shifts in currency are “undesirable” and “unfavourable”
People: July to September 2022
A round-up of central bankers in the news and on the move during the past three months
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions are unlikely to undermine the US dollar’s central role in reserve portfolios. But a relative decline in US economic weight and technological innovation are benefiting other currencies
CBDC launch still on the table, BoJ says
Senior official dismisses media reports on cancellation of CBDC plans
The case for restoring the role of monetary aggregates
Tim Congdon argues that a surge in money supply in response to Covid-19 sparked heightened inflation and central banks need to refocus their attention on monetary aggregates
BoJ unlikely to move policy to counter yen weakness
The Bank of Japan is wary of raising rates or even increasing its yield control target to tackle yen depreciation, which it views as being exacerbated by foreign speculators, writes Sayuri Shirai
People: World Bank appoints Gill as chief economist
Two members join Bank of Japan board, and senior IMF officials Lester and Rice step down
Bank of Japan holds rates and increases inflation forecast
MPC predicts inflation will reach 2.3% this fiscal year but then fall back below target
Cash, not trash: the second lives of substrate
Central banks and their banknote providers are taking a range of approaches to recycling cash
BoJ to study impact of CBDC on bank deposits
Report says safeguards needed to prevent possible “rapid shift” from bank deposits to CBDC
Asian central banks deploy FX reserves to prop up currencies
Analysts remain confident in Asia’s financial stability, but recession risks are building
Japan and Soramitsu to conduct Asia-Pacific CBDC studies
Observers note de-dollarisation and spread of e-yuan as potential motivations
BoJ board members concerned over yen’s volatility
Rate-setters differ over implications of currency depreciation, minutes show
Yen weakens further as BoJ stands by loose policy
Central bank stresses commitment to defending yield curve control despite exchange rate worries
Ten-year yield breaches BoJ target band
Central bank steps in with another purchase operation, but warns on yen weakness
BoJ finds some CBDC designs suffer from bottlenecks
Designs faced pressures on transaction throughput, latency and CPU load
Japan’s inflation breaches 2% target
High import prices a key driver as flat wages drag demand
Book notes: Tumultuous times, by Masaaki Shirakawa
A rare and refreshingly honest description of a governorship that spanned a series of crises
Small drop in US CPI hints at inflation reprieve
Economists estimate US is past inflation peak, but other G7 nations may still be on the upward leg
Japan reinforces yield curve control
Yen falls after MPC commits to daily purchases of Japanese government bonds at 0.25% yield
Mitigating regulatory risks of mobile payments
Third-party payment providers need to give up data to supervisors to prevent fraud
People: Macklem to chair Basel Committee oversight board
China names policy-makers; BoJ reappoints key monetary policy official; Kazakhstan replaces deputy
Yen drops as BoJ defends yield curve target
Bond operations send Japanese currency to seven-year low against the dollar
Book notes: Shutdown, by Adam Tooze
A useful, wide-ranging overview, showing how health and economic policies are intimately intertwined with geopolitics